The real estate industry of Pakistani is a billion-dollar market. The Pakistani real estate market is one of the best markets to invest in. According to the real estate experts of the region, the real estate sector is witnessing unprecedented growth after the current government has introduced some serious reforms and relief package for the growth of the sector. Due to these reforms and relief packages, the new real estate investors are also taking leaps in the real estate market for a better return in the future.
As a new real estate investor, you should be careful when exploring this sector. Although the real estate sector of Pakistan is one of the most rewarding and lucrative markets, there is always a risk of fraud and scam involved when investing in the real estate market. Here are a few tips that you can consider remaining safe from widespread land scams and frauds.
The first step when you are buying a property is to verify the location. Sometimes the land scammers use a fake location tactic to do fraud. For instance, if you are looking to buy a plot in the Blue World city Islamabad, then you should ask your dealer about the location update of Blue World City. This will allow you to practically visit the location and determine if it is a good investment call or now.
The 2nd tip is to verify the legality of the real estate project that you are about to invest in. For instance, if you are looking to invest in Blue World City Islamabad, then you should check with Rawalpindi Development Authority to check the Blue World City NOC latest news. This will help you determine whether the real estate project is legal or not and whether it is properly regularized by the land regulator of the area.
To keep safe from any fraud or scam, you should only deal with authorized dealers of the real estate project. For instance, if you choose a Blue World City Authorized Dealer, then the dealer is bound to share the original and actual Blue World City Installment plan. With the installment plan that is official, you can rest assured that you are not paying more money than it is stated by society.
To practice security when it comes to making financial transactions, it is imperative to do it through traceable means. For instance, if you are booking a plot in Capital Smart City Islamabad, then you should make a banker’s cheque or demand draft to make payment to the housing society. Also, the authorized dealers do not accept payment in cash or in their own accounts. Therefore, in order to be 100% secure when making the payment, it is important to always make the payment through a crossed cheque, a banker’s cheque, or a demand draft. Any financial instrument that you make should clearly mention the housing scheme name as well as the purpose of payment. You should also do the same practice when you are paying installments to avoid any fool play.